John Terry has been offered a new one-year contract by Chelsea – but must accept a massive pay-cut to stay.

Skipper Terry's current £150,000-a-week deal expires this summer and his wages could be HALVED if he decides to remain at Stamford Bridge next season.

The former England centre-back is enjoying an outstanding season for the Blues , but the offer has thrown the 33-year-old’s future into doubt.

Chelsea are standing firm on their policy that outfield players over 30 are only offered one-year extensions - and on reduced terms.

We revealed earlier in the season that Terry may walk away from the club he's represented since his teens as he has attracted strong interest from foreign clubs, with Turkish giants Galatasaray leading the way.

The Istanbul side could promise him a bigger pay day - and there may be offers from other clubs in the Premier League, too.

Terry faces a major dilemma over whether to quit the club he loves and where a fans' banner at Stamford Bridge famously proclaims him as 'Captain. Leader, Legend.'

Manager Jose Mourinho is keen for him to stay, but the club’s hierarchy will not shift on their contract policy.

That stance also applies for two more of the west Londoners' stalwarts, Frank Lampard and Ashley Cole, who could also both go this summer as Chelsea begin to shake-up the old guard.

(Image: Getty)

England star Cole, 33, has lost his place and several clubs are monitoring developments, as he likely to become a free agent.

Lampard, 35, may be offered a coaching role in Mourinho’s long-term plans, but must still decide whether to sign on for another 12 months on reduced terms.

The midfielder has also been strongly linked with MLS side LA Galaxy.

Despite the Blues’ policy, Mourinho has hinted he could move to bring Galatasaray striker Didier Drogba back to his old Stamford Bridge stomping ground – at the age of 36.